Insights are no longer a luxury but a necessity

Insights are no longer a luxury but a necessity

What is the new luxury?

Previous generations used luxury items to define themselves to the world; today, millennials embody themselves through their possessions. The younger generation is reshaping the luxury landscape, in which brands must adjust strategies in order to reach their target audience and maximize their performance.

Millennials are just now entering their prime spending years as reported by Forbes in 2019. However, they are expected to account half of the total market of luxury goods by 2025. It is also anticipated that in the next seven years, 130% of the market growth will be driven by the younger generation. (Source: here)

Nevertheless, with continuous innovation, most luxury brands have trouble succeeding in e-commerce while keeping an exclusive brand image while recognizing the individual needs of each customer.

The luxury sector embraced a drastic and forced shift to digital in 2020 when the pandemic disrupted access to physical stores. The recovery post-covid has brought brand new challenges for luxury brands in a sector where the cards have been reshuffled.

With no customers coming in, shoppers were forced to find a new way to get retail therapy. Deloitte reported in 2020 that many brands responded by going online and offering "live-stream" virtual shopping, a 21st-century version of the sample sale. Online retail sales were up an average of 209% during 2020 when compared to 2019. (Source: here)

Pursuit of excellence

Luxury brands take pride in their heritage and have built a strong brand image. Although luxury brands often balance the need to preserve tradition with the desire to innovate, the fear of losing their identity is a reason that they are reluctant to take risks in their communication.

Furthermore, digital media has disrupted the market and is forcing brands to change their strategies.

Even though traditional luxury brands focus mainly on reaching individual consumers, luxury consumers are now looking for an experience that elevates their lifestyle. With younger generations changing the face of luxury, their affinity for social media, direct-to-consumer sales, and unique lifestyles has been pushing boundaries of all kinds. They place a premium on sustainability, engagement, and authenticity.

To succeed in today’s market, brands must embrace transparency and offer inclusive customer service.

Find your precious gem with priceless insights

It's paramount in the luxury industry to know how your prospects and customers think.

This is why The Method Research provides market research dedicated to the luxury brand sector.  Indeed, they aim to help brands understand their audience to deliver products and messaging that will resonate with luxury consumers.

With a series of packages created for the luxury retail industry, you can meet the needs of your customers in an effective way by getting up-to-date, customized insights that no one else will have access to.

Ready to make the difference? Sublimate your brand through insights.

Never go out of fashion with tailor-made packages

Package #1: Brand Performance

Care to know what people think about your brand?

Get a handle on your brand's performance and perception with our Brand Performance Package. Reach a specific audience to gather insights on their preferences and habits on luxury goods and brands.

Brands live and die by their reputations, especially with luxury brands. As consumers increasingly brand themselves, keep track of how consumers from your target audience perceive your brand. Find out how you stack up against your competition, so you can improve.

Pinpoint the target audience for any luxury brand and have a grasp of other key areas such as their preferences, purchase habits, and their general lifestyle.

More information here: https://www.themethod-research.com/luxury-brand-performance

Package #2: Partnership Evaluation

Give yourself the best odds of success by asking directly to your audience about potential partnerships with your brand. Avoid blind spots and costly mistakes for collaborations with your brands or product. Create the best opportunities and make alliances that matter with this dedicated package.

Explore alternative sales and marketing content by asking your customer about the best partnership they perceive for your brand.

If your brand is looking to establish a partnership, it should be chosen very carefully to be in adequation with the identity of your organization.

Whether it is about horizontal or vertical strategic alliances, or with KOL, get a complete understanding of potential collaboration to avoid costly mistakes and have the perfect fit.

Always choose the right collaboration for your brand.

More information here: https://www.themethod-research.com/luxury-partnership-evaluation

Package #3: Campaign Performance

Luxury brands need to put their best foot forward—and that means making sure they differentiate from their direct competition and catch the attention of their target audience. Measure the performance of your campaigns by getting an external point of view with market research. Understand how to perfect your marketing moves with this package.

In this package, find out how your content looks and performs on social media by evaluating its visibility, format, and content against that of your competitors. Understand your audience’s preferences towards your content and learn which social-media outlets send the most traffic to their websites and keep track of their performance.

This quick-start package offers a unique combination of features that are guaranteed to work together to create an amazing campaign for your business. Save time and budget to assist in decision making and targeting the right audience with the right message, and get insights on how to improve these results.

More information here: https://www.themethod-research.com/luxury-campaign-performance

Insights are no longer a luxury but a necessity

Digital media serves now more than ever as a distribution system for content that evokes a desire for luxury products and is a powerful tool for luxury brands.

Market research for luxury brands is an ever-changing game. Our packages offer you access to expertise, so you can tailor the advice to your problems and make smarter and well-informed decisions.

Shifting economic, consumer, and societal trends present challenges and opportunities for luxury brands and retailers. As luxury brands look for a way to rise from the ashes and reach consumers in new ways, market research has never been more important.

From strategy to stability, figure out the best path to growth and differentiation. Contact us today and we'll help you explore your options.